On a per share basis, the athletic retailer had net income of 63 cents. Adjusted for asset impairment costs, they came to 64 cents a share, surpassing analysts’ estimate for 54 cents a share.
Net revenue rose 13% to $1.64 billion, beating analysts’ consensus for $1.57 billion. Comparable store sales rose 7% again ahead of the 5.4% growth analysts predicted.
Foot Locker is overcoming a broader retail slump by revamping store layouts and merchandising, while closing weaker locations. CEO Ken Hicks also has noted that more running shoes, the best-performing part of the athletic-footwear market, were added.
The results have helped Foot Locker on Wall Street too. Its shares have risen 27% since the beginning of the year. The stock has increased 54% in the last 12 months.
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